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Crypto Today: Bitcoin fast approaching $ 10000, up 850% in 2017

  • Bitcoin rallies nearly 10% since yesterday.
  • Total market cap of digital currencies sits over $300 billion.
  • Ethereum also hit record highs.

The rally in Bitcoin (BTC/USD) looks unstoppable, as the most dominant cryptocurrency, hit yet another record high of $ 9760.7 last minutes, having stormed through the $9000 mark a day before. The prices have rallied nearly 17% since late Friday and now remains on track to conquer the five big figure mark of $ 10000. Bitcoin has risen more than 40% over the past two weeks and over 850% so far this year.

Thomas Glucksmann, Hong Kong-based head of marketing at cryptocurrency exchange Gatecoin Ltd, as cited by Bloomberg, noted: "The weekend’s bitcoin price hike is just the continuation of a long-term bull run on the cryptocurrency, fueled by the tsunami of speculative trading on Japanese exchanges and the entrance of institutional investors across the world. It is more likely that the $10,000 psychological stratosphere will push more institutional investors into the mix.”

Meanwhile, Ethereum (ETH/USD), Bitcoin’s rival, also followed suit and went to record fresh all-time highs at $ 490.75, on its way to the $ 500 threshold. Bitcoin sits at a market capitalization of $ 162 billion, up 8% in the last 24 hours, while Ethereum market capitalization is of $ 47.17 billion, up 7.50%, as reported by Coinmarketcap.

Elsewhere, a poll among chief financial officers on CNBC's Global CFO Council showed 27.9% of 43 respondents thought Bitcoin was "real but in a bubble" while 27.9% thought the cryptocurrency was a "fraud." Just 14% of the executives said bitcoin was "real and going higher."

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